The table below shows cost data for a Aurora Cannabis, which sells marijuana in a perfectly competitive market. If the price of marijuana is $25 an ounce, Aurora will: Output 0 1 2 3 4 5 6 7 Total cost $50 90 120 140 170 210 260 330
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- A firm produces a product which it sells in a perfectly competitive market. The price of the product is R120 per unit and the firm's cost structure is given in the table below. Use the table below to answer the question Units Fixed cost Variable cost Total cost Average cost Marginal cost produced (Q) (FC) (VC) (TC) (AVC) (MC) 48 0 1 2 3 4 5 6 100 564 216 88 How many units must the firm produce in order to maximise profits? a) 6 units b) 2 units c) 5 units d) 4 units 32 104Consider the following costs of a typical firm in a purely competitive industry. The firm has no fixed cost given only the available information, what would you except product price to be in the long run?Just the bolded one please Using the above graph, The minimum level of output this firm would produce is 12 units. The firm's total fixed costs is $56. (Do NOT enter the '$' in your response; enter only the whole dollar amount, NOT cents.) The profit maximizing output level for this firm is 14 units. The economic profit that this firm is earning is $Blank 4. (Do NOT enter the '$' in your response; enter only the whole dollar amount, NOT cents.) If this profit level is typical of the industry that the firm is operating in, what do you expect to happen? Blank 5
- The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 25 2.20 30 2.02 2.17 35 2.45 2.21 40 3.57 2.38 45 4.00 2.56 50 5.46 2.85 55 5.93 3.13 60 8.53 3.58 Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? pairs b. At the profit-maximizing quantity, what is the total cost of producing ear buds?Giocattolo is a profit-maximizing firm producing toy cars, which it can produce and sell in its home country, Italy, and abroad in Spain. The average cost (AC) curve on the following graph represents Giocattolo's cost of producing toy cars within one factory, whether in Italy or in Spain. COST (Dollars per toy car) 20 18 16 14 12 10 8 4 2 0 0 10 20 30 40 50 60 70 80 QUANTITY (Thousands of toy cars) AC 90 100 Suppose that at the current market price of toy cars, the demand for Giocattolo's product is 10,000 toy cars per year in Italy and 20,000 toy cars per year in Spain. (Hint: Select each point on the previous graph to see its coordinates.) Based on Giocattolo's average cost curve, within one factory it can produce 20,000 toy cars at $ per toy car, and produce the total of 30,000 toy cars at $ per toy car. per car, produce 10,000 toy cars atSarge's Lawn Mowing Service is a small business a perfectly competitive market. The prevailing market price of lawn mowing is $20 per acre. Sarge's costs are given by total cost = 0.1q² + 10q + 50, where q = the number of acres Sarge chooses to cut a day. How many acres should Sarge choose to cut to maximize profit? values without any comma, or decimal places.) How much is Sarge's maximum daily profit? your answer in numerical values without any dollar sign, comma or decimal place (please put your answer in numerical (please put
- Suppose a firm is able to sell their product for a price of $10. You have the following information on the firm's output and cost Output 500 $70 $100 Implicit Costs Explicit Costs Instructions: Enter amounts as a whole number. If the firm is earning a loss indicate with a negative sign (-). What is the firm's economic profit? $A gizmo producer operates in a perfectly competitive market with a price of $100 for a can of gizmos. The gizmo producer has a marginal cost curve equal to 0.52q, where q is the number of cans of gizmos produced. The gizmo producer currently produces 192 cans of gizmos. Should the gizmo producer produce 193 cans of gizmos instead? No, the marginal cost of the 192nd box is above marginal revenue, so production is already too high. No, while the marginal cost of the 192nd box is below marginal revenue, the marginal cost of 3rd box is above it, so profit is already maximized. None of these answers. Yes, the marginal cost of the 192nd box is below marginal revenue, so production is too low, and profits are not maximized. 20 MacBook esc 20 F3 OOD F1 F2 F4 2$ W R tab 6 5 %A4 %# 3Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, then assuming this firm can earn enough revenue to cover its variable cost, it should produce: Price (S/doughnut) 0.35 p 0.30 0.25 0.20 0.15 0.10 0.05 0 0 10 20 30 40 50 60 Marginal Cost 70 80 90 Quantity (doughnuts/day) Average Total Cost 50 doughnuts per day. the quantity of doughnuts at which average total cost is minimized. the quantity of doughnuts at which average total cost equals the market price. the quantity of doughnuts at which marginal cost equals the market price.
- Kyle owns a foreign used car dealership which sells the 2020 Toyota Aqua Hybrid. His total cost function is given by TC = 2q4 - 7q3 + 3q - 1845. His profit maximizing quantity is 24 cars. What is the long-run price of his Toyota Aqua Hybrid, in a perfectly competitive industry?The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a perfectly competitive firm that produces novelty ear buds in a competitive market. The market price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 10 3.5 15 3 20 2.44 2.86 25 3.56 3 30 4.02 3.17 35 5.48 3.5 40 5.98 3.81 45 8.49 4.33 Instructions: In part a, enter your answer as the closest given whole imber. a. If Buddies wants to maximize its profits, how many pairs of ear buds should it produce? pairs Instructions: In parts b-d, round your answers to 2 decimal places. b. At the profit-maximizing quantity, what is the total cost of producing ear buds? $ c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what is Buddies weekly profit? 2$The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs MC ($) Quantity of Ear Buds 5 10 15 20 25 30 35 40 2.00 2.45 3.55 4.00 5.50 5.98 8.52 pairs ATC ($) 2.00 2.00 2.15 2.50 2.80 3.25 3.64 4.25 Check my work Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? b. At the profit-maximizing quantity, what is the total cost of producing ear buds? c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what will Buddies profit or loss be per week? d. Now assume the market price is $5.50 per pair, and Buddies produces the…